The Financial Supervisory Service has urged banks to actively implement responsibility mapping systems, noting that its review of current operations revealed that internal control activities remain largely superficial.
On December 23, at the Financial Supervisory Service headquarters in Yeouido, Seoul, Park Choonghyun, Deputy Governor of the Financial Supervisory Service, stated at the "2025 Second Half Bank Internal Control Workshop," "Our review of the implementation of responsibility mapping systems in the banking sector found that internal control activities by executives and CEOs were limited to formal checks, and that the establishment of infrastructure such as internal regulations and IT systems was insufficient."
Deputy Governor Park emphasized, "Continuous efforts from the banking sector are needed to ensure the system is firmly established, including prompt implementation of necessary improvements," and added, "Compliance officers should actively support and coordinate so that the CEO's overall management responsibilities can be carried out organically."
He also called for stronger internal controls to prevent financial security incidents. Deputy Governor Park said, "Financial security incidents undermine trust, which is the core value of finance, and can also lead to significant economic losses for financial institutions," adding, "To prevent similar security and IT incidents, financial companies themselves must thoroughly inspect their financial infrastructure from a zero-base perspective."
He further stated, "To prevent repeated cases of misselling financial products, it is necessary to shift to a proactive, consumer protection-oriented internal control system," and requested, "Clearly define the responsibilities and roles of employees throughout the product lifecycle to eliminate gaps in consumer protection, and establish a system that can swiftly detect and address warning signs such as customer complaints."
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